ENDOWMENT TOTAL
June 30, 1970................................................. $ 125,000 June 30, 1975................................................. $ 202,000 June 30, 1980................................................. $ 478,000 June 30, 1985............................................. $ 1,099,000 June 30, 1990............................................. $ 3,549,000 June 30, 1995............................................. $ 1,734,000 June 30, 2000............................................. $ 5,182,000 June 30, 2005........................................... $ 10,472,000 June 30, 2010........................................... $ 15,064,000 June 30, 2012........................................... $ 18,846,000 June 30, 2013........................................... $ 21,038,000 June 30, 2014........................................... $ 27,218,000 June 30, 2015........................................... $ 30,090,000 June 30, 2016........................................... $ 32,544,000 June 30, 2017............................................ $ 37,399,000
ENDOWMENT STATUS( as of June 30, 2017) Beginning Balance................................. $ 32,544,000 New Gifts..................................................... $ 2,435,000 Investment Return................................... $ 3,645,000 Less Draw for Scholarships.................($ 1,225,000) Ending Balance........................................ $ 37,399,000
Gifts to Fordham Prep’ s Endowment are investments in the school’ s future and the futures of the young men who study there. Earnings from the Prep’ s endowment lend support annually for student scholarships and faculty research and training. While contributions in any amount are most welcome, the creation of a named endowed fund affords the donor an opportunity to establish a permanent memorial bearing his or her name or the name of a friend or family member in perpetuity. All gifts to the endowment are placed in the Fordham Prep Formation Foundation Trust. The trust is charged with stewarding Fordham Prep ' s future endowment and ensuring the school ' s financial stability.
An endowment held by a non-profit organization such as Fordham Prep consists of funds that have been donated usually with a specific objective or purpose and then invested to generate income in perpetuity. Thus, the donation provides a long-lasting benefit to the organization, rather than if it were spent all at one time. Gifts of this type are classified as“ pure” or“ restricted” endowments, meaning that they must be used as originally intended / specified by the donor.
A benefactor may choose to support student scholarships. Another might fund a special program( e. g., a monthly guest speaker’ s forum, faculty development, a specific need identified by the President) or a student prize( e. g., to recognize outstanding extracurricular leadership or exceptional sportsmanship). Most endowment funds given to the Prep have been earmarked for financial aid to students.
The funds that have been donated are not meant to be spent— nor are all of the earnings from the invested principal. A portion of the earnings is usually added to the principal; this is done to augment the endowment and to compensate for future inflation and possible economic downturns. The spendable income of the earnings is used for the purpose that the donor originally specified.
Only endowment income can be spent. By law, the principal must remain intact in perpetuity.
Endowment Report 2017
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